Analysts at Rabobank note that markets will have more labor market data from the US to scrutinize. Atlanta Fed's GDPNow stands at a robust 5.9% for Q3
Analysts at Rabobank note that markets will have more labor market data from the US to scrutinize."The ADP's August private payrolls estimate is seen at 195K, down from July's lofty 324K. While the July figure painted a picture of a labour market that remains very expansionary, it was also almost double the BLS estimate of a somewhat more modest 172K change in private payrolls. With no meaningfulbetween the two reports, ADP's forecasting accuracy appears mostly random.
"We will also see the second estimate of US Q2 GDP. A 2.4% release is expected, unchanged from the first estimate. With September approaching, markets will likely ignore this backward-looking data and focus on Q3 growth instead. The Atlanta Fed's GDPNow forecast currently stands at a robust 5.9% for that quarter.
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